Finance

Walt Disney said it will be forking out $14-$16 billion in content spending in fiscal 2024 on streaming services Disney+, Hulu and ESPN+ as it ramps up original series and films to the tune of 100 a year. Between $8-9 billion of that will go to Disney+, said CFO Christine McCarthy towards the end of marathon investor meeting Thursday.

Source: Disney Will Spend $14B-$16B A Year On Streaming Content By 2024; Says Disney+ Could Hit 260M Subs That Year

Mr. Dylan’s sale is the latest and largest of a spate of similar deals this year that come with significant tax benefits both for the songwriters selling the rights and for the companies buying them, and those incentives are encouraging transactions.

Source: Bob Dylan’s Catalog Sale Highlights a Tax Advantage for Songwriters

Dylan’s deal with Universal is thought to be the biggest of its kind, with reports estimating its value at up to $300 million. A source told Page Six, “Sony had international publishing on Dylan for 20 years and they didn’t even know [the catalog] was up for sale.” The industry vet added: “And even with having his masters at Sony, he never even offered it to them.”

Source: Bob Dylan catalog sale to Universal a sour note for Sony, insiders say

Analysts try to crunch the complicated economics of diverting billions of dollars of potential theatrical revenue into subscription streaming. MoffettNathanson boils it down this way: AT&T’s WarnerMedia division could lose as much as $1.2 billion in global box office revenue next year because of its decision. Notably, it’s not charging HBO Max subscribers a premium to watch 17 films that ostensibly should be in their theatrical window.

Source: WarnerMedia’s Math Problem: It Needs 8.4 Million More HBO Max Customers

If studios are no longer trying to maximize ticket sales, what will that mean for often lucrative pay packages tied to a film’s performance in theaters? With “Wonder Woman 1984,” agents argued that Ms. Gadot, Ms. Jenkins and the producer Charles Roven (among others) needed to be paid what they most likely would have received had the sequel been released in a traditional manner

Source: Trading Box Office for Streaming, but Stars Still Want Their Money

According to Hipgnosis’ six-monthly report, the company spent a total of approximately £1.18bn on 117 catalogs between the point of its 2018 IPO and the end of September this year. The report confirms: “Since launch we have now acquired 117 Catalogues, comprising over 57,836 Songs, for an aggregate consideration of £1.18 billion, representing a blended acquisition multiple of 14.76x historic annual income.”

Source: Hipgnosis Songs Fund is now worth $1.7bn… and is on course to generate $120m-plus this year

Spotify plans to beef up its payments team to prep itself for the oncoming digital currency age. The Facebook-backed Diem crypto stablecoin project is slated to launch in some form in 2021. The project was formerly known as Libra before it ran afoul of SEC regulators.

Source: Spotify Will Support Facebook’s Rebranded Cryptocurrency, Diem

The former head of Motown A&R was not only responsible for signing talent like Martha Reeves, Marvin Gaye, Stevie Wonder and The Four Tops, and recruiting the label’s famed studio band after joining in 1959, but also penning classic songs for Eddie Holland, Gaye, Kim Weston, The Supremes, The Temptations and many others.

Source: Downtown buys catalog of Motown legend Mickey Stevenson, including Martha Reeves hit Dancing In The Street

The tech giant is in exclusive talks to purchase the last large, independent podcaster on the market, according to people familiar with the matter, as it pushes further into the growing audio sector. The talks value Wondery at over $300 million, the people said. Wondery’s last funding round, in June 2019, valued the company at $100 million, The Wall Street Journal reported.

Source: WSJ News Exclusive | Amazon in Talks to Buy Podcast Maker Wondery

In the pandemic, movie release dates are being pushed, and Hollywood agents are encouraging studios and clients to sell films to streamers. “Agencies are pushing to sell to streamers because they can immediately get cash and their commissions rather than wait for it,” one studio insider said. “The agencies are in such a crappy position that they are trying to push us to sell product — you are getting a premium if you are getting paid upfront.”

Source: Hollywood Agents Are Pushing to Sell Films to Streamers